New data presented in the Lok Sabha reveals a notable increase in India's high-income bracket, with 576 individuals declaring a gross income of over ₹100 crore in the Assessment Year 2025-26. This figure marks a substantial rise of 161 people compared to the 415 individuals who reported similar earnings in AY 2024-25.
Pankaj Chaudhary, the Minister of State for the Ministry of Finance, provided these statistics, underscoring a continuous upward trend in the number of high-net-worth individuals filing income tax returns (ITRs) in the country.
Rising Income Trends Over Five Years
The growth in the number of individuals reporting incomes above ₹100 crore has been consistent over the past five assessment years:
- AY 2021-22: 142 individuals
- AY 2022-23: 301 individuals
- AY 2023-24: 284 individuals
- AY 2024-25: 415 individuals
- AY 2025-26: 576 individuals
This trajectory illustrates a rapid expansion of India's affluent class, reflecting dynamic economic shifts and wealth creation.
No Statutory Definition for 'Billionaire'
During his response, MoS Chaudhary also clarified that there is no statutory definition for the term 'billionaire' under either the current Income-tax Act, 2025, or the erstwhile Income-tax Act, 1961. Furthermore, he noted that the government ceased maintaining data on the aggregate wealth of taxpayers following the abolition of the Wealth-tax Act, 1957, in 2016.
Broader Economic Indicators
Beyond income figures, Chaudhary touched upon other key economic indicators. He highlighted a narrowing rural-urban gap in household consumption, with the Gini coefficient for rural areas at 0.237 and urban areas at 0.284, down from 0.266 and 0.314 in 2022-23, respectively. The unemployment rate for individuals aged 15 and above also reportedly decreased from 3.6% in 2022 to 3.1% in 2025, according to the Annual Periodic Labour Force Survey (PLFS) report.
Additionally, citing the National Multidimensional Poverty Index: A Progress Review 2023 by NITI Aayog, Chaudhary stated that the proportion of the population in multidimensional poverty declined from 24.85% to 14.96% between 2015-16 and 2019-21, indicating that approximately 13.5 crore people have moved out of poverty during this period.